iHeartMedia’s Q2 earnings report, rich with metrics and charts, describes a giant audio company whose growth is focused on the digital side, with consolidated financials slipping a bit year-over-year.
A 34-page investor presentation (get it HERE) pummels the viewer with details, breakouts, ecosystem diagrams, bragging, strategic positioning, interesting data comparisons, more bragging, summaries of third-party studies, copied news articles — not from us, sadly — and more. (We don’t begrudge bragging from the self-described “number one audio company in the United States.”)
The Segment View
We learn some basics about iHeart’s three major segments.
The Digital Audio Group (which contains podcasting), one of three main divisions, is about one-third of the Multiplatform Group, but exceeds in revenue by about three times. Digital was the only profitable group in Q2. Overall, the consolidated metrics show iHeart earning $920-million in Q2, a 3.6% dip from the second quarter of 2022.
The following chart shows the Digital Audio Group rising over three years, and growing its revenue footprint within iHeart’s overall finances — arguably the most revealing data presentation in the deck:
“Within the Digital Audio Group, our podcast revenues even in the slower ad market grew 13% versus prior year, further evidence of our leadership position in the industry and illustrating how powerful podcasting is as both a short term and long term growth engine for the company.” –Bob Pittman, Chairman and Chief Executive Officer, iHeartMedia
The Consolidated View
Putting aside the group comparisons, here are the consolidated financial results for Q2: